Stop calling RAM "cyclical" while treating Nvidia like a "secular grower." They are the same trade now.

I keep seeing the same tired argument: 'Don't buy SK Hynix or Micron, RAM is cyclical and we’re at the top.' First off, if RAM is cyclical, then **Nvidia and TSMC are cyclical too.** You can’t build a Blackwell or Vera Rubin B100/B200 cluster without massive amounts of HBM3e and HBM4. If the AI 'cycle' ends for memory, it ends for the logic chips too. You can't have a brain without a nervous system.  **The Valuation Gap is Hilarious:** Nvidia and TSMC have been rallying for years and trade at massive P/E multiples. Meanwhile, the memory players only really started their 'AI' rally in earnest over the last 12-18 months. • **Fact:** In Q1 2026, SK Hynix posted an **operating margin of 72%**. That actually **beat Nvidia’s 65% margin** from their last quarter.  • **Fact:** Memory is no longer a 'commodity' where you just buy the cheapest stick. HBM (High Bandwidth Memory) is a specialized, high-margin, custom-integrated component. • **Fact:** SK Hynix and Micron are effectively **sold out of HBM through 2027**. **Nvidia (NVDA):** \~40x P/E. People are paying $40 for every $1 of profit because they expect 'infinite growth.'  • **Broadcom (AVGO):** \~41x P/E. • **Micron (MU):** \~7.8x P/E.  • **SK Hynix:** **\~5.9x P/E.**  SK Hynix is trading at **6 times earnings** while providing the HBM4 memory that Nvidia cannot ship without. Everyone is fine with **Nvidia** trading at a **40x P/E** and **Broadcom** at **41x**, calling them 'secular growth stories.' But the second you mention **SK Hynix (P/E \~5.9x)** or **Micron (Forward P/E \~8x)**, people scream 'CYCICAL! SELL!' Here’s the reality: You cannot ship a single Nvidia Blackwell or Rubin chip without High Bandwidth Memory (HBM). If Nvidia is a secular grower, so is the memory that fuels it. So people, please stop!!! Sk Hynix needs at least 788% stock increase to reach Nvidia PE level.